Found November 1886, Deerness, Orkney.
Written on a couple of wooden pins:
This is the last of the schooner Baltic of Peterhead, on a voyage to the Baltic Sea, September 19. While crossing the Roost, we made an attempt for the boats, but failed, and so now we all have to perish. Whoever gets this, send to the relatives of the poor sailors.
The Roost is likely to be the Sumburgh Roost, an area off the southern tip of the Shetland mainland where two tidal currents meet with often dramatic and unpredictable results. The Baltic was a 99-ton schooner registered in Peterhead under a Captain Dinnes.
[Shields Daily News, 2 November 1886]